Angela Lopez owns and manages a consulting firm called Metrix, which began operations on December 1....

 

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Angela Lopez owns and manages a consulting firm called Metrix, which began operations on December 1. On December 31, Metrix shows the following selected accounts and amounts for the month of December. Cash Accounts receivable Notes receivable Office supplies Prepaid insurance Equipment Accounts payable Notes payable Unearned revenue Required: $ 11,600 A. Lopez, Capital $ 18,800 5,300 A. Lopez, Withdrawals 3,800 4,300 Consulting revenue 21,000 3,300 Rental revenue 2,300 2,800 Salaries expense 4,800 13,000 Rent expense 3,800 7,060 Advertising expense 760 Utilities expense 560 660 4,200 1. Prepare a December income statement for the business. 2. Prepare a December statement of owner's equity. The A. Lopez, Capital account balance at December 1 was $0, and the owner invested $18,800 cash in the company on December 2. 3. Prepare a December 31 balance sheet. Hint: Use the A. Lopez, Capital account balance calculated in part 2. Angela Lopez owns and manages a consulting firm called Metrix, which began operations on December 1. On December 31, Metrix shows the following selected accounts and amounts for the month of December. Cash Accounts receivable Notes receivable Office supplies Prepaid insurance Equipment Accounts payable Notes payable Unearned revenue Required: $ 11,600 A. Lopez, Capital $ 18,800 5,300 A. Lopez, Withdrawals 3,800 4,300 Consulting revenue 21,000 3,300 Rental revenue 2,300 2,800 Salaries expense 4,800 13,000 Rent expense 3,800 7,060 Advertising expense 760 Utilities expense 560 660 4,200 1. Prepare a December income statement for the business. 2. Prepare a December statement of owner's equity. The A. Lopez, Capital account balance at December 1 was $0, and the owner invested $18,800 cash in the company on December 2. 3. Prepare a December 31 balance sheet. Hint: Use the A. Lopez, Capital account balance calculated in part 2.